ENVALITH
スローガン株式会社 logo

Slogan Inc.

9253・Growth Market・Services

Official website
スローガン株式会社 logo
Slogan Inc.9253

Business

Slogan Inc. operates under the mission of "continuously creating new industries by unlocking human potential and optimally allocating talent," developing a talent creation business in new industrial fields centered on startups and venture companies. Founded in 2005, the company listed on the TSE Growth Market in 2021. Centered on its flagship selective job-hunting platform for new graduates, "Goodfind" (launched in 2006), the company operates career service offerings including consulting job-hunting service "FactLogic," long-term internship service "Intern Street," agent service for working professionals "Goodfind Career," and high-potential talent service "G3," as well as media and SaaS offerings including business media "FastGrow," SaaS-based HR service "TeamUp," and video learning service "Metanobi." Its main customers are startups and venture companies, including DX- and SaaS-related businesses. The company consists of one consolidated subsidiary (TeamUp Inc.) and two equity-method affiliates.

Business Model

Revenue is composed of the Career Services field (84.6% of net sales in FY2025 (ending February 2025)) and the Media/SaaS field (15.4% of the same). For services targeting students, the company offers three models tailored to client company needs: success-fee-based recruitment placement linked to the number of hires, integrated recruitment placement and consulting billed via an annual base fee plus excess success fees, and media services such as listings and events. In FY2025 (ending February 2025), media services grew to become the largest category within student-targeted services, accounting for 54.9% of sales composition. Services for working professionals follow a career-agent-style success fee model. The Media/SaaS field is centered on media listing revenue and SaaS subscription revenue.

Company Strengths

Launched in 2006, "Goodfind" had a total of 16,277 members among students graduating in 2025 (of which 10,941, or 67.2%, were members from focus universities), with 27 schools including the University of Tokyo, Kyoto University, Keio, and Waseda defined as focus universities. As of April 30, 2025, membership among students graduating in 2026 stood at a high level of 14,866 (with a focus-university ratio of 70.7%). The student database and corporate network accumulated over 19 years of operation form a barrier to entry.

As of the end of FY2025 (ending February 2025), the equity ratio was 71.0%, and cash and cash equivalents stood at approximately ¥1,744 million, indicating a high level of financial soundness. The company has no interest-bearing debt, and its overdraft facility of ¥100,000 thousand with its transaction bank remains unused. Cash flow from operating activities remained positive at ¥175,598 thousand, giving the company a financial base that allows it to operate its business with its own funds.

The company positions three capabilities—"customer discernment" (careful selection of high-growth companies in new industrial fields), "the power to generate behavioral change" (removing bias through individual interviews and seminars conducted by incubation partners), and "matching capability" (providing combined value through products and talent)—as the source of its competitive advantage, differentiating itself from simple job-listing services.

ENVALITH's Perspective

Against the full-year FY2027 (ending February 2027) forecast of net sales of ¥1,620 million and operating profit of ¥302 million, first-quarter results showed net sales of ¥655 million (progress rate of 40.4%) and operating profit of ¥309 million (progress rate of 102.3%), an extremely high progress rate. However, this is attributable to structural seasonality whereby operating losses occur in the second through fourth quarters; in the prior fiscal year as well, the combined operating profit for the three quarters from the second quarter onward was a loss of ¥26 million. While the likelihood of achieving the full-year forecast is high, cost control in the second half remains an important point to monitor.

In terms of market environment, the progress of the social implementation phase under the government's "Startup Development Five-Year Plan" and the spread of job-based employment are tailwinds for demand for recruitment support. On the other hand, against the backdrop of a shift in macroeconomic monetary policy, "selection" among investment targets is becoming more pronounced, and there is a risk that suppressed hiring by small and medium-sized startups facing a difficult fundraising environment could become apparent. Large-scale capital supply to the deep tech and AI fields, the company's main battleground, is a tailwind, but structural external dependency risk remains, as the company's performance is affected by the fundraising trends of its client companies.

Net income attributable to owners of the parent for the first quarter of FY2027 (ending February 2027) showed a high growth rate of ¥208 million (up 15.0% year on year), while the growth rate of operating profit was only 1.0%. The large increase in net profit was driven by the fact that equity in earnings of affiliates, which had recorded a loss in the same period of the prior year, turned into a profit of ¥5 million in the current period, as well as a ¥15 million year-on-year decrease in income taxes and other items. Given the divergence between the growth rate on an operating profit basis (up 1.0%) and that on a net profit basis (up 15.0%), sustained acceleration of operating profit growth will be a key point for future evaluation.

Growth Strategy

Establishing a sustainable growth model through strengthening the profit base of Goodfind, expanding G3, and streamlining unprofitable businesses

Capturing increasing demand for events and recruiting consultations targeted at the class of 2028, the company is promoting the earlier timing and expansion of its recruitment pool formation services. Student-facing services in Q1 of FY2027 (ending February 2027) grew a solid 3.5% year on year, reflecting the effects of these initiatives in the numbers.

By expanding G3, a career support service targeting working professionals up to their third year of employment, the company aims to reduce its dependence on the seasonality of new graduate recruitment. In Q1 of FY2027 (ending February 2027), revenue grew 12.9% year on year, and the growth trajectory continues.

The company discontinued TeamUp's training consulting service on profitability grounds, improving the earnings structure of the media/SaaS segment. Under a policy of concentrating management resources on growth areas, media/SaaS segment sales in Q1 of FY2027 (ending February 2027) declined only 1.7% year on year, with the primary aim being margin improvement through the removal of unprofitable services.

Based on the restricted stock compensation plan approved at the Annual General Meeting of Shareholders in May 2026, the company plans to allot 9,759 shares (total disposal value of ¥7 million) to three directors in July 2026. The purpose is to provide incentives for the sustained enhancement of corporate value and to share value with shareholders.

Last updated: July 17, 2026